The Irish housing market is finding itself in the middle of a crisis. With the housing market already in trouble before the pandemic, it has now declined even more. Inflated home prices, high mortgage rates, and insane housing demand with a lack of supply are all factors that contribute to this mess. Affordable housing seems to be extinct, with the Irish government yet to step in with policies to help control this crisis. Tech giant Google has even stepped in and has offered to help subsidize housing in the Irish capital, where they employ about 8,000 Dubliners. A 2018 report from the Guardian estimated roughly 30,000 empty homes in the greater Dublin area with the majority being owned by local councils. The lack of supply isn’t necessarily the only issue contributing to this crisis, it’s also the overpriced housing or the fact that housing isn’t being made available, inflating prices.
When it comes to purchasing property, especially in the middle of a crisis, convenience is key. Fintech is now making the process of selling and purchasing a home easier than ever before. This convenience factor is even more important now that we find ourselves amidst a large-scale housing crisis. Fintech in the housing market is cutting hassle, time, and expense out of the process.
Irish fintech company Bid.X1 is a transparent, online auction platform that allows users from around the world to buy or sell property online from anywhere, using any device. Bid.X1 allows users the equal opportunity to purchase commercial or residential property while cutting all of the hassle and worry that is associated with the typical auction process. Their integrated blockchain technology allows users to securely purchase property without worry. Another Irish fintech company helping to make purchasing property easier in the middle of a housing crisis is Geowox. Geowox uses machine learning and data analysis to generate accurate automated property valuations. Their automated process is significantly quicker, and more accurate than the traditional valuation process, with 95% of their valuations landing at purchase price or above, with overvaluation being around 5.3%.
Mortgage tech company OnlineApplication is also making the home purchasing process significantly more convenient for all parties involved. Their loan origination system has streamlined the whole mortgage application process, by cutting out time, hassle and expense through the use of a digital mortgage application. OnlineApplication gives prospective homeowners the ability to upload all of the necessary documents needed for the mortgage application and thanks to their automated processing, applications are reviewed rapidly via AI and machine reading. By helping prospective homeowners find a mortgage that suits their specific needs, OnlineApplication’s point of sale system can help both the broker and homeowners save money and effort. Fintech, and more specifically, mortgage tech in the housing market is crucial to making the homeownership process as convenient as possible. This convenience factor is even more important now that we find Ireland amidst a large-scale housing crisis. Now more than ever, we need mortgage tech like OnlineApplication’s point of sale system to make the home purchasing process more efficient and less painful for all parties involved.
- Interested in learning more about how Online Application can help improve your mortgage business? Contact us for a free demo or consultation: https://onlineapplication.io/contact/
- If you want to read more about the role Irish fintech is playing amidst the housing crisis, click the links below: